Empire Electric Association announced Tuesday that 19,294 of its current and former members are eligible for refunds.
Empire Electric Association’s financial position once again makes it possible to refund capital credits.
Empire will pay $1,877,224.22 to current and former members who paid electric bills in 1990, 1991, 1992, 1993, 1994 and 2013.
“Capital credits are our member-owner’s investment in Empire Electric,” says Neal Stephens, general manager.
“As a nonprofit cooperative, we refund capital credits to our members as we can afford to do so,” he added. “We give the money back to our members instead of paying stockholders, as is done in for profit utilities.”
Capital credits are the revenues remaining after all expenses have been paid. This money, along with borrowed funds, is used to pay for needed upgrades.
“In other words, Empire invests excess revenues back into our system,” says Mary Thiesing, corporate operations manager.
“It helps reduce the amount of money Empire has to borrow and pay interest on,” Thiesing added. “This investment by our members allows Empire to maintain a reliable system and keep rates reasonable.”
Each year, the Empire board of directors looks at the financial health of Empire and decides if capital credit refunds will be paid. Since 1939, Empire has refunded about $20,272,000 in capital credits.
Empire tries to find members who have moved out of Empire’s territory when it refunds capital credits, so please be sure to give Empire your new address if you move.
Locate former members by visiting www.eea.coop for a list of members with unreturned capital credits.